Nippon Oil Corp. said Wednesday it agreed to form a refining venture with PetroChina Co., expanding their alliance to capture growing Asian demand.
The companies will consider jointly operating Nippon Oil’s 115,000-barrel-a-day refinery in Osaka as part of the venture, Nippon Oil President Shinji Nishio told reporters. The venture, in which Japan’s largest refiner will hold a 51 percent stake, will probably start up by next April, he said.
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